With the forex market being more tranquil due to the Labor Day holiday, the USDCAD continues to trade above the 1.3700 mark. Also, the market can be seen trading above a much higher price level of 1.3750. However, the day’s trading activity has managed to produce a minimal price decline. Let’s commit more study to this market below.
Key Price Levels:
Resistance Levels: 1.3800, 1.3900, and 1.4000
Support Levels: 1.3700, 1.3600, and 1.3500
USDCAD Stays Elevated
The USDCAD daily market continues to trade above the 1.3750 mark. This can be perceived through the last price candle on this chart. Even though it is a bearish price candle, it could be seen that it still keeps the pair above the Guppy Multiple Moving Average (GMMA) lines.
Meanwhile, the market remains overwhelmed by the gains seen in the previous session, as it posted significant gains. Also, the Stochastic Relative Strength Index (SRSI) lines are still pointed upward. The upside trajectory of the SRSI appears mainly due to the past gains during the previous session from this front.
USDCAD Bulls Are Making a Re-Entry
In the 4-hour USDCAD market, it appears that upside momentum is already making a re-entry. The US ADP survey private jobs report seems to be taking effect already. The new session has started on a bullish path, which has kept the pair trading above the GMMA lines even on the 4-hour market.
Meanwhile, we can see that the lines of the SRSI are running towards the 80 mark of the indicator. Generally, upside moves are still quite achievable since monetary policy is still on the way. Even the ongoing session has started recording gains. Therefore, traders can still use Forex signals targeting the 1.3800 mark in the meantime.
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